Meet the South Florida Brokerage Behind 3 Major Real Estate Deals

Palm Beach Gardens mortgage broker Compass Commercial Mortgage Inc. was the driving force behind three of South Florida’s recent major real estate deals, jump-started by $9.3 million worth of loans.

Here’s what to expect from the projects in Tequesta, Davie and Port St. Lucie, and the maneuvering it took to make them happen.

In one deal, Compass served as the commercial real estate finance consultant for Miami-based property management company Forte Properties LLC, which acquired three lots of land by the water in Tequesta, straddling Palm Beach and Martin counties.

The area, soon to be dubbed Crystal Cove Townhomes, covers roughly 2.15 acres and is set to feature 16 three-story townhouses and two duplex units. It’s one of the last available sites opposite Jupiter Island, with sweeping views of the Intracoastal Waterway, according to Compass.

For the broker, this meant finding a well-capitalized private lender able to provide the necessary financing before a tight closing deadline — not easy during the COVID-19 pandemic and economic downturn. Forte ultimately found that in Rhode Island’s EMCAP Lending, a subsidiary of Procaccianti Cos.

The result: a $4.4 million bridge loan over a 12-month term with 10.5% interest.

Forte is an affiliate of Alpha Blue Ventures Inc., which handles real estate acquisition, development and management in New York and Southeast Florida.

Compass also consulted for Donkor MD Holdings LLC when it acquired a two-story medical office building in Davie. It was built in 2003 and has about 8,470 square feet of rentable space on more than half an acre of land.

A bariatric and general surgeon bought the property, according to Compass, which said 70% of it is occupied by DaVita Dialysis and 30% by the buyer’s new surgical practice.

This deal was a referral from a major regional bank that couldn’t loan to a startup company, according to Compass, which helped Dr. Donkor find a lender that could offer the right kind of financing less than 30 days before closing.

Donor landed on a community bank based in Broward, which offered $2.36 million with a loan-to-value ratio of 80% for a 10-year fixed-rate mortgage. The loan has a 25-year amortization, according to Compass.

The building is west of Nova Southeastern University and Broward Community College, and isn’t far from four HCA Healthcare hospitals from where the doctor obtains referrals.

And in Port St. Lucie, Compass consulted for commercial real estate company Angler Properties LLC, which acquired a single-story industrial building. The Palm Oak building has about 40,000 rentable square feet, most of which is warehouse space, with 3,350 square feet of office space.

The building was fully occupied with four tenants when the deal closed, according to Compass, which said Angler bought it through its South Florida portfolio representatives at Asset Specialists Inc.

Angler, which focuses on light industrial real estate in South Florida and Greater Baltimore, secured a permanent $2.5 million non-recourse loan with a 10-year term and 25-year amortization.

Read more:

Will Financial, Tech Firm Influx Save South Florida Office Market?

End of the Law Office as We Know It? COVID-19 Spurs Overhaul at Some Miami Firms